Oil prices rose on Wednesday, 21 October 2026, as statements from Iranian officials reinforced expectations that Tehran would not back down from its conditions for reopening the Strait of Hormuz, according to Anadolu Agency (AA). AA also cited ongoing regional tensions and a decline in US crude inventories as factors supporting prices. International benchmark Brent crude futures for December delivery rose 1.5% to $110.46 a barrel at 10:07 a.m. local time (0707 GMT), up from a previous close of $108.79, AA reported.
US benchmark West Texas Intermediate (WTI) crude futures for December delivery gained 1.5% to $99.31 a barrel, from $97.82 at the previous close. Brent had fallen to $105.95 a barrel on Tuesday after reports of diplomatic efforts between the United States and Iran, and of compromise proposals reportedly submitted to the parties by Qatar and Pakistan. According to AA, Brent resumed its upward trend after remarks by Iranian Parliament Speaker Mohammad Bagher Ghalibaf.
Ghalibaf said Tehran would not trust Washington unless the United States fulfilled Iran's conditions for reopening the Strait of Hormuz. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said enriched nuclear material would not be taken out of Iran under any circumstances. These remain political statements by Iranian officials, as reported by AA.
AA noted that the statements reinforced expectations that disagreements between the United States and Iran would not be resolved in the short term, which put upward pressure on oil prices. Separately, the naval forces of Iran's Islamic Revolutionary Guard Corps (IRGC) said a "super tanker" had struck a sea mine south of the Strait of Hormuz, triggering an explosion. In a written statement, the IRGC said the vessel had attempted to transit the strait, had switched off its radar and navigation systems, ignored warnings and attempted to use an "unauthorized" route south of the strait.
The source report does not include independent confirmation of the IRGC's account. AA reported that the incident heightened concerns that shipping through the waterway, which is critical to global oil trade, could face further disruption. The American Petroleum Institute (API) estimated that US commercial crude inventories fell by around 4.93 million barrels last week, compared with market expectations for a decline of 1.3 million barrels, according to AA.
The larger-than-expected drop added to upward pressure on prices. Official US oil inventory data from the Energy Information Administration (EIA) is scheduled for release later on Wednesday. Source: Anadolu Agency (aa.com.tr), citing the API, the IRGC, and statements by Iranian officials as reported in the article.
Source: aa.com.tr